ZaZa Energy Corp. (NASDAQ: ZAZA) updated its joint exploration and development agreement with its joint venture (JV) partner, which is an independent domestic oil and natural gas developer, the company said March 12.
The JV agreement update will allow the company to further develop its Eaglebine/Lower Cretaceous assets in the Eagle Ford-East, ZaZa Energy added.
The JV partner was given 75% working interest in this "Phase III" acreage, ZaZa said, noting that it received about $4.7 million--upfront cash and carry--of its own share of future JV costs.
The upfront cash and carry could total $9.2 million, the company added.
An additional two-well drilling commitment was part of the update, the company said. The JV partner will drill the wells, scheduled to be completed July 1, the company added.
Related to the agreement update's completion, ZaZa received an additional $1.1 million, the company said.
“We have now completed all three phases of the acreage elections with our JV partner. The additional $15 million of consideration positions us well for our expected JV drilling appraisal and development over the course of 2014,” said Todd A. Brooks, president and CEO.
Houston-based ZaZa Energy Corp. explores and produces throughout the Eagle Ford.
Recommended Reading
Solar Sector Awaits Feds’ Next Move on Tariffs
2024-04-25 - A group of solar manufacturers want the U.S. to impose tariffs to ensure panels and modules imported from four Southeast Asian countries are priced at fair market value.
Solar Panel Tariff, AD/CVD Speculation No Concern for NextEra
2024-04-24 - NextEra Energy CEO John Ketchum addressed speculation regarding solar panel tariffs and antidumping and countervailing duties on its latest earnings call.
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.
Clean Energy Begins Operations at South Dakota RNG Facility
2024-04-23 - Clean Energy Fuels’ $26 million South Dakota RNG facility will supply fuel to commercial users such as UPS and Amazon.